Japanese stocks fell, led by developers and banks, following a global slide that began after markets closed in Tokyo on Friday.
The
Topix index declined 1.2 percent to 1,570.19 as of 9:05 a.m. in Tokyo,
with all but one of its 33 industry groups falling. The Nikkei 225 Stock
Average lost 0.8 percent to 19,500.45. The MSCI All Country-World Index
of global developed and emerging-market shares fell 1 percent on
Friday, the most in a month, as disappointing earnings, signs of higher
U.S. inflation and concerns from China to Greece curbed demand for risk
assets. China stepped up monetary stimulus and tightened rules around
buying shares with borrowed money.
China’s
leaders on Sunday lowered the amount banks must set aside as reserves
by the largest amount since the the global financial crisis, following
data last week that showed the economy grew at the slowest pace in six
years. The move came after regulators on Friday moved to stem a surge in
Chinese equities, banning a source of financing for margin trades and
making it easier for short sellers to bet on declines.
E-mini
futures on the Standard & Poor’s 500 Index gained 0.2 percent after
the underlying gauge slumped 1.1 percent on Friday in New York, sending
U.S. shares to the first weekly decline this month.
Source: Bloomberg
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